Megaworld to spend P350B on township developments
MANILA -Billionaire Andrew Tan’s flagship property firm Megaworld Corp. unveiled a P350-billion spending plan over the next five years to develop current and new township projects across the country.
Megaworld said the program will focus on “new growth areas” in Luzon, Visayas and Mindanao.
“This [capital spending] program will allow Megaworld to set its sight on various opportunities in building townships or mixed-use lifestyle communities, which is already the strength of our company,” Megaworld chief strategy officer Kevin Tan said in a statement after the company’s annual stockholders’ meeting.
“Aside from residential, office, malls, and hotels, there are more to offer to make every township more relevant and sustainable to the next generation of Filipinos,” he said.
Megaworld, a pioneer in the urban township concept when it launched the 18.5-hectare Eastwood City in Quezon City in the mid 1990s, had 30 township projects across the country as of last March.
For Luzon alone, the builder said it plans to launch new integrated estate projects in the Southern Tagalog and Southwestern Tagalog regions.
“There will be some land acquisitions during this period, and we are also preparing for that. Most of the budget will really be used to spruce up and expand the existing townships, and of course, to put up more residential, offices, malls, and hotel properties,” Tan said in the statement.
The new projects in the pipeline include Grade A office towers to address “increasing demand for workspaces especially from emerging businesses and industries, even as BPOs remain to be a key driver for office demand”.
Tan earlier said office occupancy at their projects remained robust and they were minimally affected by the work-from-home trend.
These new office towers are lined up in various townships, particularly in Metro Manila, Pampanga, Bulacan, Cavite, Cebu, Iloilo, Bacolod, and Davao, according to the developer.
It will also build new mall projects in Pampanga, Bulacan, Cavite, Rizal, Cebu, Bacolod, and Davao over the next five years.
Megaworld said it will also boost capacity for tourists and business customers given growing demand for meetings, incentives, conventions and exhibitions.